Tidewater Inc. (NYSE:TDW) announced fourth quarter net earnings for the period ended March 31, 2010, of $56.9 million, or $1.10 per share, on revenues of $260.0 million. For the same quarter last year, net earnings were $109.7 million, or $2.13 per share, on revenues of $341.6 million. For fiscal year ended March 31, 2010, net earnings were $259.5 million, or $5.02 per share, on revenues of $1,168.6 million. For the fiscal year ended March 31, 2009, net earnings were $406.9 million, or $7.89 per share, on revenues of $1,390.8 million.
Included in net earnings for the March 31, 2010 quarter are:
• a $5.4 million ($3.5 million after-tax, or $0.07 per common share) reduction of the previously recorded “Provision for Venezuelan operations, net” as a result of net collections from insurance underwriters for the insured value of the vessels seized earlier in the fiscal year by Petroleos de Venezuela, S.A. (PDVSA) and an affiliate of PDVSA.
• an $11.0 million ($11.0 million after-tax, or $0.21 per common share) foreign exchange gain recognized as a result of the devaluation of the Venezuelan bolivar fuerte during the quarter.
• an $11.4 million ($11.4 million after-tax, or $0.22 per common share) charge to general and administrative expenses related to an agreement in principle the company has reached with the staff of the Securities and Exchange Commission to resolve issues associated with the previously disclosed internal investigation.
